49 & 51 South Street

49 & 51 South Street | Cromwell | CT | 06416 Back to Properties


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Overview

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Property Details

  • Price: $ 1,300,000
  • Cap Rate: 7.50%
  • Units: 16
  • Price/Unit: $ 81,250
  • Rentable SF: 9,816 SF
  • Price/Square Foot: $ 132
  • Site Size: .84 AC
  • Parking: Off-Street & Garage
  • Year Built: 1900
  • Exterior: Vinyl

Property Description

The apartments located at 49 & 51 South Street, Cromwell CT is comprised of 16 units (10-one bedroom, 3-two bedroom, and 3-studios) totaling 9,816 rentable square feet in two-three story buildings built in 1910 and 1900 respectively.  Situated on a combined 0.84 acres, there is off-street parking at both buildings.  In addition to this, 51 South Street has 12 garage bays and coin-op laundry for use by both properties.  The tenants pay for heat and hot water with exception of 51 South where the owner pays hot water. The properties have been heavily updated throughout the owners tenure with all windows replaced, roofs completed, and 15 of the 16 units fully rehabbed.

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Financial Summary

49 & 51 South Street

Investment Highlights

Price $ 1,300,000.00
Units 16
Year Built 1900
Rentable SF 9816
Parking Off-Street & Garage
Heat Gas - Tenants Pay
Hot Water Gas - Tenants & Owner Pay
Roof Pitched - Ashpalt Shingle
Exterior Vinyl
Site Size .84

Metrics

Price / Unit $ 81,250.00
Price / SF $ 132.44
Gross Rent Multiplier 8.58

 

Income & Expenses

Income
Potential
Current
Gross Scheduled Rent $ 166,500.00 $ 151,440.00
Less: Vacancy $ 8,325.00 $ 7,572.00
Based On: 5 % est. 5 % est.
Net Rent Income $ 158,175.00 $ 143,868.00
Plus: Other Income $ 18,300.00 $ 10,800.00
Total Operating Income $ 176,475.00 $ 154,668.00

 

Expense
Potential
Current
Real Estate Taxes $ 19,889.70 $ 19,889.70
Insurance $ 6,595.00 $ 6,595.00
Hot Water $ 1,344.00 $ 1,344.00
Electric (Common) $ 2,064.00 $ 2,064.00
Water & Sewer $ 4,400.00 $ 4,400.00
Trash Collection $ 4,211.52 $ 4,211.52
Management Fees $ 8,823.75 $ 7,733.40
Based On: 5% est. 5% est.
Snow Removal/Landscape $ 2,200.00 $ 2,200.00
Maintenance/Repairs $ 8,823.75 $ 7,733.40
Based On: 5% est. 5% est.
Fire Alarm Monitoring $ 1,056.00 $ 1,056.00
Total Expenses $ 59,407.72 $ 57,227.02
Net Operating Income $ 117,067.28 $ 97,440.98
Cap Rate 9.01 % est. 7.50 % est.

All information furnished regarding property for sale or lease is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions, prior to sale or lease, or withdrawal without notice. National Multifamily Corp. makes no warranty or representation about the content of this brochure. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property.

 

Rent Roll

Unit
BR/BA
Current Monthly Rent
Potential Monthly Rent
Status
Lease Expires
49-1E0/1$700$800
49-1W1/1$800$900
49-2E0/1$800$800
49-2W1/1$750$900
49-3E0/1$700$800
49-3W1/1$750$900
51-11/1$850$850
51-21/1$695$775
51-31/1$675$775
51-42/1$850$950
51-51/1$900$900
51-61/1$875$875
51-71/1$750$825
51-82/1$900$1,000
51-92/1$875$975
51-101/1$750$850

Totals

$ 12,620.00

$ 13,875.00

* 0 = Studio under BR

All information furnished regarding property for sale or lease is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions, prior to sale or lease, or withdrawal without notice. National Multifamily Corp. makes no warranty or representation about the content of this brochure. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property.